New York Attorney General Eric Schneiderman said two of five banks in a $25 billion settlement of foreclosure abuses repeatedly violated the agreement. The settlement, which included cash for some and mandated mortgage relief for others, also included new standards for mortgage servicing and customer service. The Los Angeles Times reported Monday Schneiderman said in a statement his office had 339 documented cases of violations by Bank of America and Wells Fargo. "Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure," Schneiderman said. The settlement also involved Ally Financial/GMAC, JPMorgan Chase & Co. and Citigroup Inc. The foreclosure abuses that lead to the settlement included a series of practices meant to speed up the foreclosure process, which had become costly and time-consuming in the wake of the economic downturn. Banks hired "foreclosure mills" that sped up the process to the point that they were accused of cheating homeowners of due process.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor